Westlake Chemical Co. (WLK) Expected to Post Quarterly Sales of $2.07 Billion

Wall Street brokerages expect Westlake Chemical Co. (NYSE:WLK) to announce sales of $2.07 billion for the current quarter, Zacks reports. Four analysts have issued estimates for Westlake Chemical’s earnings, with the lowest sales estimate coming in at $2.00 billion and the highest estimate coming in at $2.12 billion. Westlake Chemical posted sales of $1.74 billion during the same quarter last year, which suggests a positive year over year growth rate of 19%. The business is expected to report its next earnings report before the market opens on Tuesday, February 20th.

On average, analysts expect that Westlake Chemical will report full-year sales of $2.07 billion for the current financial year, with estimates ranging from $8.03 billion to $8.15 billion. For the next year, analysts expect that the company will post sales of $8.64 billion per share, with estimates ranging from $8.45 billion to $9.04 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Westlake Chemical.

Westlake Chemical (NYSE:WLK) last posted its earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.26. Westlake Chemical had a return on equity of 15.59% and a net margin of 7.74%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.12 billion.

A number of equities research analysts have recently weighed in on WLK shares. Deutsche Bank reissued a “buy” rating and set a $115.00 target price on shares of Westlake Chemical in a report on Wednesday, December 13th. Morgan Stanley started coverage on Westlake Chemical in a report on Tuesday, January 9th. They set an “equal weight” rating and a $120.00 target price for the company. UBS Group boosted their price target on Westlake Chemical from $56.00 to $61.00 and gave the company a “sell” rating in a research note on Friday, October 13th. Alembic Global Advisors reaffirmed a “buy” rating and issued a $110.00 price target on shares of Westlake Chemical in a research note on Wednesday, December 20th. Finally, Bank of America boosted their price target on Westlake Chemical from $88.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Westlake Chemical currently has a consensus rating of “Buy” and an average target price of $104.00.

In other Westlake Chemical news, EVP Robert F. Buesinger sold 2,674 shares of Westlake Chemical stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $98.50, for a total value of $263,389.00. Following the transaction, the executive vice president now owns 6,635 shares in the company, valued at $653,547.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Steven Bender sold 6,500 shares of Westlake Chemical stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $97.83, for a total value of $635,895.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 293,122 shares of company stock worth $27,721,443. Company insiders own 72.50% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. grew its position in Westlake Chemical by 6,376.2% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after acquiring an additional 1,339 shares during the last quarter. MHI Funds LLC bought a new position in Westlake Chemical in the fourth quarter valued at about $163,000. Cornerstone Capital Management Holdings LLC. bought a new position in Westlake Chemical in the third quarter valued at about $137,000. CAPROCK Group Inc. bought a new position in Westlake Chemical in the fourth quarter valued at about $254,000. Finally, State of Alaska Department of Revenue bought a new position in Westlake Chemical in the fourth quarter valued at about $244,000. Hedge funds and other institutional investors own 30.60% of the company’s stock.

Shares of Westlake Chemical (NYSE WLK) opened at $106.92 on Thursday. Westlake Chemical has a twelve month low of $59.58 and a twelve month high of $115.19. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $13,800.00, a price-to-earnings ratio of 23.19, a PEG ratio of 1.19 and a beta of 1.62.

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About Westlake Chemical

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

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